VC Fund Investments
B2B e-commerce enabler for manufacturers Magma raises $3.3 M led by General Catalyst
Ahmedabad-headquartered business-to-business (B2B) e-commerce startup for manufacturers Magma has raised USD 3.3 million led by General Catalyst with participation from Accion Venture Lab and Titan Capital. Startup founders, including Varun Alagh of Mamaearth, Aayush Phumbhra of Chegg, and Srinivas Anumolu, as well as existing investors WEH Ventures and All in Capital, also took part in the funding round. The company plans to use the funds to expand its product offerings, cater to the existing factory waitlist and hire talent. Founded in February 2022 and led by Neal Thakkar, Founder and CEO, Magma provides an e-commerce service for factories and manufacturers in ceramics, industrial chemicals and sanitaryware verticals for their raw material, energy, inventory, and demand needs. It claims to have onboarded over 80 factories and is expecting to close its first financial year in March 2023 with an annualised GMV run rate of INR 150 crore.
From the Venture Intelligence PE-VC Deal Database: In June 2022, Magma had raised USD 0.5 M from WEH Ventures, All in capital, PointOne Capital, Angellist India, along with angel investors including founders of Groyyo, Fashinza, and ManMatters.
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